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Rig Count Shoots Up As Oil Nears $70

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China’s Sinochem Interested in Investing in Alberta

China’s Sinochem Interested in Investing in Alberta

Looking beyond Alberta’s rich deposits of oil sands, China’s state-owned Sinochem Group energy giant is looking to invest in the province’s rich oil and natural gas sector.

Sinochem Group is China’s fourth largest energy firm.

Sinochem Group assistant president Li Pilong, attending the Canada-Asia Energy Cooperation Conference in Calgary stated that Sinochem Group is “more focused” on conventional oil and natural gas, as opposed to oil sands, commenting, “I have a plan to visit a number of oil companies to see whether or not we can work together for a kind of co-operation in the energy field. At this time it’s for general purposes and to explore the potentials where our two countries can work together,” The Calgary Herald reported.

Other Asian firms are concentrating on Alberta’s oil sand resources. Two months ago China National Offshore Oil Corp. agreed to purchase struggling oil sands developer Opti Canada Inc. for $2.1 billion.

Thailand’s PTTEP Canada Ltd., which owns 40 percent of Norway’s Statoil’s Kai Kos Dehseh oilsands project and is majority owned by the Thailand government, is seeking to expand its presence in the province. PTTEP Canada Ltd. senior vice-president Yothin Tongpenyai said, “We are open to opportunities both in conventional and unconventional resources, including shale gas, tight gas, coal bed methane, oil sands, oil shale ... and other interesting oil and gas resources.”

By. Joao Peixe, Deputy Editor OilPrice.com



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